India Purchases Record Volumes of Russian Oil Due to Attacks on Refineries

Indian refineries are purchasing record volumes of crude oil from Russia, unloading more than 2.3 million barrels per day in June. Supplies remain at high levels in July. The increase in imports comes amid a loss of supplies from the Persian Gulf and a drop in prices for Russian crude. Attacks by Ukrainian drones on Russian refineries are forcing Russia to redirect oil for export that it cannot process domestically. Recent drone strikes on the Yanos plant in Yaroslavl have reduced processing volumes to the lowest level in over 21 years, exacerbating the domestic fuel crisis. In the four weeks leading up to July 19, maritime exports of crude oil from Russia averaged 4.16 million barrels per day, close to a peak. Despite U.S. sanctions, supplies have not fallen thanks to the use of intermediaries. Indian buyers are contributing to a price decline, which has fallen for 13 consecutive weeks, reaching $65.28 per barrel. A bill is being prepared in the U.S. to impose tariffs of up to 100% on the largest buyers of Russian oil, including India. The volume of oil on tankers at sea has increased to 137 million barrels. Moscow's revenues from maritime exports have dropped to $1.54 billion per week but remain higher than last year. India has refused Russia's request to increase gasoline supply volumes.

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